The 14 Republicans on the committee, including ranking member Steve Womack of Arkansas, are seeking a “hearing on the fiscal and economic implications of Modern Monetary Theory," according to a letter they addressed to the panel’s chairman, John Yarmuth, a Democrat from Kentucky. The school of thought, known as MMT, says that countries printing their own currency don’t have to worry as much about budget deficits because they can’t go broke.
“The debate over the validity of this increasingly prominent theory goes to the heart of every issue our committee is expected to address,” the letter reads, adding that a hearing should include MMT supporters and critics, and an expert from the Congressional Budget Office, a nonpartisan government agency....The proposed debate would be a good thing for educating politicians and the public on MMT. In other words, this attempt to embarrass the Democrats would backfire on the nay-sayers and they would increasingly lose control of the narrative. It would also serve to smoke out the Democrats on this crucial issue.
Yahoo Finance
House Republicans Demand Hearing on MMT to Get Democrats on the Record
Katia Dmitrieva, Bloomberg
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